Cnooc in $3.1 billion Argentine joint venture

Cnooc makes its largest overseas investment to date, shelling out $3.1 billion for a 50% stake in Argentine oil and gas company Bridas Corporation.

Hong Kong-listed Cnooc has partnered with Bridas Energy Holdings BEH by investing $3.1 billion in a subsidiary of the Argentine oil producer.

Cnooc is buying a 50% stake in Bridas Corporation, which has oil and gas exploration and production activities in Argentina, Bolivia and Chile. Bridas also owns 40% in Pan American Energy, the second-largest Argentine exploration and production company, which is jointly owned by Bridas and British oil and gas firm BP. The deal will add 318...